Cebu remains PH’s wealthiest province

Local

CEBU has once again proven its financial dominance in the country, posting a net worth of P336.42 billion in 2024 to maintain its position as the wealthiest province in the Philippines for the 11th consecutive year.

According to the 2024 Annual Financial Report from the Commission on Audit (COA), Cebu recorded total assets of P339.85 billion, marking a 12.2 percent increase from approximately P303 billion in 2023.

Provincial liabilities remained low at P3.43 billion, leaving equity, assets minus liabilities, at P336.42 billion.

Provincial officials have attributed the sharp increase in asset value to a reappraisal of government-owned real estate properties, which they said contributed to the “skyrocket increase” in reported assets.

Trailing far behind Cebu is Rizal, with total assets of P44.10 billion, liabilities of P3.26 billion, and equity of P40.84 billion.

Cebu’s total assets are more than seven times larger than those of Rizal, the country’s second-richest province, highlighting Cebu’s role as a major economic hub.

Rounding out the top 10 richest provinces in 2024 are Camarines Sur (P33.23 billion assets; P28.56 billion equity), Batangas (P32.61 billion; P26.74 billion), Cavite (P26.77 billion; P22.04 billion), Ilocos Sur (P26.12 billion; P21.94 billion), Davao de Oro (P23.35 billion; P21.52 billion), Iloilo (P22.33 billion; P16.80 billion), Negros Occidental (P22.15 billion; P14.23 billion), and Bukidnon (P21.93 billion; P20.10 billion).

Percentage-wise, Cebu’s equity accounts for over 99 percent of its total assets, the highest among the top-ranking provinces.

By contrast, provinces such as Negros Occidental and Iloilo have higher liabilities relative to their assets, which lowers their equity percentages to 64 and 75 percent, respectively.

This indicates Cebu’s stronger financial stability and lower debt exposure compared to other leading provinces.

At the city level, Mandaue City remained among the nation’s wealthiest cities, ranking ninth with assets totaling P35.78 billion.

Its liabilities amounted to only P2.83 billion, leaving equity at P34.9 billion.

This equity puts Mandaue in sixth place when cities are ranked based on net worth.

Quezon City retained the top spot among cities nationwide, boasting P490 billion in assets, followed by Makati City with P226.3 billion and Manila with P51.1 billion.

Aside from Mandaue, only Iloilo and Davao are in the top 10 outside Metro Manila.

The other top 10 cities are all in the National Capital Region: Taguig, Pasig, Parañaque, and Mandaluyong.

Cebu City, meanwhile, ranked 12th nationwide in assets with P31.4 billion, but its equity is significantly lower at P18.3 billion due to liabilities of P13.1 billion.

COA’s annual report not only ranks provinces and cities but also provides insights into government financial management.(MyTVCebu)